Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Costco Wholesale’s fiscal second-quarter earnings report fell short of Wall Street expectations, leading to a decline in its stock price.</li><li>The company reported earnings of $4.02 per share, missing analysts’ estimates of $4.09, largely due to unfavorable foreign exchange rates that reduced earnings by 13 cents per share.</li><li>However, revenue exceeded expectations at $63.7 billion, surpassing projections of $63.1 billion.</li></ul>

Costco Wholesale’s fiscal second-quarter earnings report fell short of Wall Street expectations, leading to a decline in its stock price.The company reported earnings of $4.02 per share, missing analysts’ estimates of $4.09, largely due to unfavorable foreign exchange rates that reduced earnings by 13 cents per share.However, revenue exceeded expectations at $63.7 billion, surpassing projections of $63.1 billion.

Costco Wholesale Corporation: Why A 93% Renewal Rate JUST Wasn’t Enough In A Rather Disappointing Quarter & What Lies Ahead!

<ul><li>Costco Wholesale Corporation reported strong financial performance in the first quarter of fiscal 2025.</li><li>Net income rose to $1.798 billion, or $4.04 per diluted share, compared to $1.589 billion, or $3.58 per diluted share, in the same quarter last year.</li><li>Excluding favorable tax impacts related to stock-based compensation, net income and earnings per share increased by 9.9% and 9.8%, respectively.</li></ul>

Costco Wholesale Corporation reported strong financial performance in the first quarter of fiscal 2025.Net income rose to $1.798 billion, or $4.04 per diluted share, compared to $1.589 billion, or $3.58 per diluted share, in the same quarter last year.Excluding favorable tax impacts related to stock-based compensation, net income and earnings per share increased by 9.9% and 9.8%, respectively.

Costco Wholesale Corporation: Kirkland Signature & Key Private Labels Are Aiding Their Growth! – Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>In this note, we talk about the not-so-good aspects of the deal.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
In this note, we talk about the not-so-good aspects of the deal.


Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

<ul><li>Costco Wholesale Corporation's fourth-quarter financial performance for fiscal year 2024 highlighted a neutral set of results that reflect both commendable operational successes and ongoing challenges.</li><li>Comparing the results with the same period last year, Costco showed an increase in net income, with the figure reaching $2.354 billion, translating to $5.29 per diluted share.</li><li>This is a notable rise from $2.16 billion, or $4.86 per diluted share, the year before, accounting for a 9% increase.</li></ul>

Costco Wholesale Corporation's fourth-quarter financial performance for fiscal year 2024 highlighted a neutral set of results that reflect both commendable operational successes and ongoing challenges.Comparing the results with the same period last year, Costco showed an increase in net income, with the figure reaching $2.354 billion, translating to $5.29 per diluted share.This is a notable rise from $2.16 billion, or $4.86 per diluted share, the year before, accounting for a 9% increase.

Costco Wholesale Corporation: Its Cost Structure & Membership Model Enabling Its Stability & Expansion! - Major Drivers

United States

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries.  The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

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Costco Wholesale (COST US)

Costco Wholesale Corporation: Why A 93% Renewal Rate JUST Wasn’t Enough In A Rather Disappointing Quarter & What Lies Ahead!

Costco Wholesale’s fiscal second-quarter earnings report fell short of Wall Street expectations, leading to a decline in its stock price. The...

Baptista Research

Costco Wholesale Corporation: Kirkland Signature & Key Private Labels Are Aiding Their Growth! – Major Drivers

Costco Wholesale Corporation reported strong financial performance in the first quarter of fiscal 2025. Net income rose to $1.798 billion, or...

Baptista Research

Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about valuations.

Sumeet Singh

Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

Costco Wholesale Corporation: Its Cost Structure & Membership Model Enabling Its Stability & Expansion! - Major Drivers

Costco Wholesale Corporation's fourth-quarter financial performance for fiscal year 2024 highlighted a neutral set of results that reflect both...

Baptista Research

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